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Obligation

 - 5 dictionary results

ob⋅li⋅ga⋅tion

  [ob-li-gey-shuhn]
Use Obligation in a Sentence
–noun
1. something by which a person is bound or obliged to do certain things, and which arises out of a sense of duty or results from custom, law, etc.
2. something that is done or is to be done for such reasons: to fulfill one's obligations.
3. a binding promise, contract, sense of duty, etc.
4. the act of binding or obliging oneself by a promise, contract, etc.
5. Law.
a. an agreement enforceable by law, originally applied to promises under seal.
b. a document containing such an agreement.
c. a bond containing a penalty, with a condition annexed for payment of money, performance of covenants, etc.
6. any bond, note, bill, certificate, or the like, as of a government or a corporation, serving as evidence of indebtedness.
7. an indebtedness or amount of indebtedness.
8. a favor, service, or benefit for which gratitude is due.
9. a debt of gratitude: He felt an obligation to his teacher.
10. the state of being under a debt, as of gratitude, for a favor, service, or benefit.
Origin:
1250–1300; ME obligacioun < OF obligation < L obligātiōn- (s. of obligātiō) a binding, equiv. to obligāt(us) bound (see obligate ) + -iōn- -ion

Synonyms:
1. responsibility. See duty. 5. contract, covenant.
Dictionary.com Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2009.
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ob·li·ga·tion   (ŏb'lĭ-gā'shən)   
n.  

  1. The act of binding oneself by a social, legal, or moral tie.

    1. A social, legal, or moral requirement, such as a duty, contract, or promise that compels one to follow or avoid a particular course of action.

    2. A course of action imposed by society, law, or conscience by which one is bound or restricted.

    3. A legal agreement stipulating a specified payment or action, especially if the agreement also specifies a penalty for failure to comply.

    4. The document containing the terms of such an agreement.

    5. Something owed as payment or in return for a special service or favor.

    6. The service or favor for which one is indebted to another.

  3. The constraining power of a promise, contract, law, or sense of duty.

  4. Law

    1. A legal agreement stipulating a specified payment or action, especially if the agreement also specifies a penalty for failure to comply.

    2. The document containing the terms of such an agreement.

    3. Something owed as payment or in return for a special service or favor.

    4. The service or favor for which one is indebted to another.

    1. Something owed as payment or in return for a special service or favor.

    2. The service or favor for which one is indebted to another.

  6. The state, fact, or feeling of being indebted to another for a special service or favor received.

ob'li·ga'tion·al adj.
The American Heritage® Dictionary of the English Language, Fourth Edition
Copyright © 2009 by Houghton Mifflin Company.
Published by Houghton Mifflin Company. All rights reserved.
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Word Origin & History

obligation 
1297, from O.Fr. obligation (1235), from L. obligationem (nom. obligatio) "an engaging or pledging," lit. "a binding" (but rarely used in this sense), noun of action from obligare (see oblige). The notion is of binding with promises or by law or duty. Oblige, with which it is usually confused, means "to do one a favor."
Online Etymology Dictionary, © 2001 Douglas Harper
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Financial Dictionary

Obligation

The legal responsibility to meet the terms of a contract. If the obligation is not met there is often recourse for the other party to the contract.

Investopedia Commentary

In the financial world, obligation refers to an outstanding debt that a party must still repay - and if they do not pay, they default on the debt. For example, when the U.S. government issues Treasury bonds it has the obligation to pay back the principal to the debt holders.

Related Links

Bond Basics Tutorial
Debt Reckoning

See also: Accounts Payable - AP, Debt, Default, Principal, Treasury Bond

Investopedia.com. Copyright © 1999-2005 - All rights reserved. Owned and Operated by Investopedia Inc.
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Legal Dictionary

Main Entry: ob·li·ga·tion
Pronunciation: "ä-bl&-'gA-sh&n
Function: noun
1 : a promise, acknowledgment, or agreement (as a contract) that binds one to a specific performance (as payment); also : the binding power of such an agreement or indication obligations of contracts —Davis v. American Family Mutual Insurance Company, 521 North Western Reporter, Second Series 366 (1994)>
2 : a debt security (as a corporate or government bond) —see also COLLATERALIZED MORTGAGE OBLIGATION
3 : what one is obligated to do, satisfy, or fulfill: as a : a commitment to pay a particular amount of money obligation, legal or moral —State v. Florida Development Fin. Corporation, 650 So. Second 14 (1995)>; also : an amount owed in such a commitment b : a duty arising from law, contract, or morality obligation as an employer> obligation>
4 in the civil law of Louisiana : a relationship that binds one party to a performance (as a payment or transfer) or nonperformance for another party —see also CONTRACT, OFFENSE, QUASI-OFFENSE
NOTE: An obligation under civil law may arise by operation of law, naturally, or by contract or other declaration of will. The elements of an obligation are: the parties, an object, the relationship by virtue of which one party is bound to perform for the other's benefit, and, in the case of conventional obligations, a cause.
conditional obligation
: an obligation that is dependent on an uncertain event
conventional obligation
: an obligation taking the form of a contract
heritable obligation
: an obligation that may be enforced by the successor of the obligee or against the successor of the obligor
joint obligation
1 : an obligation binding different obligors to a performance for one obligee
2 : an obligation binding one obligor to a performance for different obligees
NOTE: In civil law, one of two or more obligors in a joint obligation is only liable for his or her portion of the performance.
natural obligation
: an obligation arising from moral duty that is implied but not enforceable by the law
several obligation
1 : any of the obligations binding different obligors to separate performances for one obligee
2 : any of the obligations binding an obligor to separate performances for different obligees
solidary obligation
: an obligation under which any of two or more obligors can be held liable for the entire performance (as payment of a debt)
NOTE: Solidary obligation is similar to joint and several liability in common law.
Merriam-Webster's Dictionary of Law, © 1996 Merriam-Webster, Inc.
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